Lewis was surprised, however, that with all the talk of customer retention there is relatively little evidence of new and specific product development as a means to that end.

"It could be, because of the refi volume over the last five years, they have not had time to pay attention to new product development," said Lewis.

Other financial commodities -- credit cards, mutual funds, insurance -- are often heavily marketed with known, easily recognized brand names. That's because new product development, branding and related marketing are key strategies for both consumer acquisition and retention strategies.

"I think it's significant that an industry dealing largely with a commodity-type product and when lenders are trying to differentiate themselves, that there are many lenders without real brands or known household names. I would think there would be more emphasis on product development to distinguish themselves," said Lewis whose company offers related marketing services.

The survey said the findings point to an opportunity for companies who want to dig into niches including self-employed buyers, first-time buyers and ethnic borrowers.

"We know refinancing is going to go away and not everybody can replace what they are going to lose from the refix drop off. Lenders are really going to be scrambling and they may be offering better deals and better service and may become much more aggressive in the market," said Lewis.

"If you are a home buyer there should be some deals out there. Your Realtor and your builder should be aware of them. You should really try to negotiate with them to see if they are willing to back up the rhetoric about wanting to retain customers," he added.